The FHA is the lone government agency to offer a home construction loan. Formally known as the FHA 203k, this program combines your “main mortgage” and your construction loan into one product, simplifying the home building or renovation which you have planned. There are two varieties of this loan— the standard 203k and the streamlined 203k.
The standard 203k is used for more “in-depth” projects such as landscaping and roof replacement, while the streamlined 203k is used for smaller projects such as the painting of rooms or the replacement of appliances. Streamlined 203k loans are limited to $35,000 in cost. There is no size limit prescribed to the standard 203k.
At The offices of Mortgages Done Right, we are proud to offer loan option like the FHA 203k program and many more while always putting our clients interest first. Call today and find out if you qualify for an FHA 203k loan program or any other mortgage loan option!